What the ECB Should've Said

So much for hope. Right now, it looks like the fifth time trying to solve the problem in Europe is not the charm.

What did we need to hear?

OK, here's the statement: "We have decided to backstop the bonds of every country that is able to cut back their budget by a meaningful amount. We will help banks de-lever their balance sheets, being sure to keep them in business while they undertake the de-levering. We will cut rates to 0.25% to help grow the economy in the interim. And we will not let a Lehman Brothers happen. Instead, we will nationalize and preserve all depositors."

We got none of that.

And that's why we got hammered today.

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